Japan Bitcoin Exchanges to Stop Trades Aug. 1

The Japan Cryptocurrency Business Association (JCBA) said 13 bitcoin exchanges that are members of the association will stop accepting deposits and withdrawals on August 1.  The move comes to curb anticipated volatility during the SegWit2x activations.

“The occurrence of forking affects the transmission and receipt of bitcoins by all bitcoin users, and it is expected that all related virtual currency exchange operators and service providers will be seriously affected,” said a statement from the consortium. “We will stop only the services related to depositing and withdrawing bitcoins, but we will provide our regular services for other virtual currencies and legal currencies.”

The 13 exchanges:

•  Bitbank Inc.
• Bitpoint Japan Co. Ltd.
• Quoine Co. Ltd.
• Fisco Cryptocurrency Exchange Inc.
• Coincheck Co. Ltd.
• Btc Box Co. Ltd.
• Tech Bureau Co. Ltd. (Zaif Exchange)
• GMO-Z.com Coin Co. Ltd.
• Campfire Corporation
• Bit Trade Co. Ltd.
• Bitcrements Bitcoin Exchange
• Tokyo Bitcoin Co. Ltd.
• Minnano Bitcoin

Japan’s largest bitcoin exchange by volume, Bitflyer, is not a member That exchange is expected to announce plans this week.

The suspensions will start August 1 at 00:00 Japan time. However, it could start earlier if a forking situation develops sooner. The official resumption of trading is open, with a tentative target of August 4.